FDEV Balance Sheet - Frontier Developments PLC

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Price: 501.666 GBX -1.05% Market Closed

Market Cap: £178.2m

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Financial profile · FY2026

Franchise-led game sales support lumpy earnings and development spending

Revenue depends on the performance and release timing of owned game franchises, making annual growth uneven. Game development requires substantial cash investment, while capitalization and amortization affect reported operating results; operating cash generation has nevertheless remained positive across profitable and loss-making years.

What is developing

The latest results showed renewed revenue growth and higher reported profit and free cash flow, but operating profit included substantial expenditure-credit income and a one-off transitional credit. This is a marked recovery within the same franchise-led, development-intensive model rather than clear evidence that its underlying earnings pattern has changed.

What matters next

Whether operating cash flow continues to cover development spending as expenditure-credit receivables convert and the one-off transitional credit passes.

Metric	FY2017 May 2017	FY2018 May 2018	FY2019 May 2019	FY2020 May 2020	FY2021 May 2021	FY2022 May 2022	FY2023 May 2023	FY2024 May 2024	FY2025 May 2025	FY2026 May 2026
Cash & Cash Equivalents	12.6m	24.1m	35.3m	45.8m	42.4m	38.7m	28.3m	29.5m	42.5m	44m
Cash	12.6m	24.1m	35.3m	45.8m	42.4m	38.7m	28.3m	29.5m	42.5m	44m
Total Receivables	3.5m	5.1m	3.3m	12.5m	16.8m	28.6m	20.8m	19m	12.9m	26.9m
Accounts Receivables	2.9m	4.1m	2.9m	9.7m	10.1m	20.3m	10.7m	10.1m	5.8m	11.5m
Other Receivables	510k	978k	372k	2.7m	6.7m	8.2m	10.1m	8.9m	7.2m	15.3m
Other Current Assets	—	2.1m	2m	2.2m	3.4m	4m	4.2m	1.8m	4.3m	—
Total Current Assets	16m	31.4m	40.7m	60.4m	62.6m	71.3m	53.3m	50.3m	59.7m	70.8m
PP&E Net	696k	5m	6.4m	28.7m	27.2m	26.1m	23.6m	24.4m	21.4m	19.4m
PP&E Gross	—	5m	6.4m	28.7m	27.2m	26.1m	23.6m	24.4m	21.4m	—
Accumulated Depreciation	—	(1.1m)	(2m)	(4.7m)	(7.5m)	(11.1m)	(15.2m)	(18.9m)	(22.1m)	—
Intangible Assets	22.9m	30.2m	36.5m	52.7m	71.3m	70.8m	57m	35.7m	42m	49.5m
Goodwill	—	—	—	—	—	—	7.2m	7m	6.5m	6.5m
Note Receivable	—	—	—	—	—	—	—	—	1.1m	828k
Other Long-Term Assets	0	0	3.2m	2.1m	384k	1.3m	0	—	—	—
Other Assets	—	—	—	—	—	—	7.2m	7m	6.5m	6.5m
Total Assets	39.6m	66.5m	86.6m	143.9m	161.5m	169.6m	141m	117.4m	130.7m	147.1m
Accounts Payable	4.9m	1.5m	3.1m	2.6m	2.6m	3.8m	4.4m	13.6m	14.8m	13.4m
Accrued Liabilities	—	5m	5.9m	11m	12.1m	17.8m	10.6m	8.6m	6.1m	—
Short-Term Debt	0	0	0	0	0	0	0	0	0	—
Current Portion of Long-Term Debt	—	—	0	1.3m	1.4m	1.5m	1.5m	1.7m	1.8m	1.9m
Other Current Liabilities	1.5m	4m	2m	1.4m	2.2m	2.7m	5.9m	4.4m	2.7m	4.9m
Deferred Revenue	459k	3.6m	1m	1.4m	2.2m	2.5m	4.4m	4.4m	2.4m	4.9m
Total Current Liabilities	6.4m	10.6m	11m	16.4m	18.4m	25.7m	22.4m	17.2m	15m	20.2m
Long-Term Debt	0	0	0	22.2m	20.7m	19.3m	17.8m	19.5m	17.6m	15.7m
Deferred Income Tax	—	—	0	—	—	—	419k	390k	990k	1.4m
Other Liabilities	1.9m	690k	1.4m	8.5m	9.3m	6.2m	4.5m	3.4m	1.9m	2.6m
Total Liabilities	8.3m	11.2m	12.4m	47.1m	48.4m	51.2m	45m	40.6m	35.5m	40m
Common Stock	171k	193k	194k	195k	197k	197k	197k	197k	197k	197k
Retained Earnings	15.6m	20.2m	42.7m	62.9m	86.2m	94.5m	74.4m	54.2m	72.8m	102.3m
Additional Paid In Capital	14.6m	34.1m	34.4m	34.6m	36.1m	36.5m	36.5m	36.5m	36.5m	36.5m
Treasury Stock	—	—	—	—	—	—	—	—	—	(15.5m)
Other Equity	968k	768k	(3.1m)	(947k)	(9.4m)	(12.8m)	(15.1m)	(14.2m)	(14.4m)	(16.5m)
Total Equity	31.3m	55.3m	74.2m	96.7m	113.2m	118.4m	96m	76.8m	95.2m	107m
Total Liabilities & Equity	39.6m	66.5m	86.6m	143.9m	161.5m	169.6m	141m	117.4m	130.7m	147.1m
Common Shares Outstanding	34.2m	38.6m	38.7m	38.9m	39.3m	39.4m	39.5m	39.5m	39.5m	35.5m